The FT surveys the art market in Nigeria which is a product of the country’s oil fortunes and growing economy. The newspaper spoke to Bolanle Austen-Peters, founder and chief executive of Terra Kulture, one of the country’s two leading auction houses, and Adedotun Sulaiman, a former country managing director of Accenture’s Nigeria practice who is also a long-time collector:

“Most [Nigerian collectors] collect only Nigerian art, as it’s at par with any other, and resonates more with our surroundings,” says Terra Kulture’s Ms Austen-Peters. “Ninety per cent of my collection is Nigerian,” says Mr Sulaiman. “Ninety-nine per cent is African.” […]

A handful of institutional collectors are also prominent. The Pan-Atlantic University in Lagos houses an extensive collection, as do the headquarters of Guaranty Trust Bank and Access Bank. Terra Kulture started its own auction in 2008 when Guaranty Trust asked it to help sell works taken from defaulting debtors and in 2011, the bank created a fund to support Tate Modern’s ambitions to expand its African collection.